Patrick Industries, Inc. (NASDAQ:PATK) Receives $92.63 Average Target Price from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $92.63.

Several research firms have weighed in on PATK. Benchmark restated a “buy” rating and set a $96.67 price target on shares of Patrick Industries in a report on Monday, November 4th. Truist Financial reduced their price target on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, January 1st. Raymond James lowered their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, KeyCorp raised their price objective on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd.

Patrick Industries Stock Down 0.2 %

NASDAQ PATK opened at $83.34 on Friday. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Patrick Industries has a 12 month low of $60.67 and a 12 month high of $98.90. The stock’s 50 day moving average is $86.49 and its 200 day moving average is $86.08. The stock has a market cap of $2.80 billion, a PE ratio of 11.97, a P/E/G ratio of 1.69 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. During the same period in the previous year, the business posted $1.21 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. Research analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Monday, November 25th. Patrick Industries’s dividend payout ratio is presently 34.48%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. boosted its holdings in shares of Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after buying an additional 221,904 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Patrick Industries during the second quarter valued at approximately $22,460,000. Fiera Capital Corp purchased a new position in Patrick Industries in the third quarter worth $27,888,000. Argent Capital Management LLC lifted its holdings in shares of Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after purchasing an additional 133,413 shares during the last quarter. Finally, Brightline Capital Management LLC purchased a new position in shares of Patrick Industries in the 3rd quarter valued at approximately $14,806,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.